The CBRE says 31 per cent of the vacant spaces originate from the ban on offshore gaming operators.
The Philippines.- Analysts at CBRE have reported that vacant office space in Metro Manila rose to 19.9 per cent to nearly 1.8 million sqm in 2024. Of this, 51 per cent consists of vacated spaces, while 49 per cent remains unleased or unrented.
Analysts said 32 per cent of the vacant spaces originate from the IT-BPM sector and 31 per cent from offshore gaming after the ban on offshore gaming operators issued by President Ferdinand R. Marcos Jr.
Jie Espinosa, country head of CBRE Philippines, told ABS-CBN News that IT-BPM companies are downsizing or relocating to smaller spaces. CBRE expects the amount of vacant space to decline by year’s end. Espinosa said US companies had begun making enquiries again after postponing decision-making ahead of the US elections.
